176 research outputs found
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Constructing a monthly GDP indicator for Suriname
Full text linkAbstract. Advancements in data collection and data processing techniques revolutionized access to higher frequency data. A large body of literature focusses on these higher frequency data in advanced economies. In contrast, small less-developed economies often lack adequate and reliable databases of high-frequency economic indicators. We construct a monthly GDP indicator, using a well-established statistical methodology. To monitor the quality of the indicator, we treat it as an in-sample forecast with respect to December observation of GDP for 2012 -2018. The results show that the constructed monthly GDP indicator is reliable and therefore its methodology applicable in many small developing countries.Keywords. Monthly GDP indicator, GDP.JEL. C51, E30, E32
Challenges of industrial policy to enhance competitiveness
Full text linkAbctract. This study explores how the traditional approaches of perceiving competitiveness and industrial policy could be enriched through a synthetic and evolutionary perspective. Competitiveness, in particular, tends to be studied in the literature in a relatively fragmented way, focusing either on the level of individual nations, or on the sectors of economic activity, or on the firm level. As a result, the evolutionary structures that define competitiveness in a unified socioeconomic way are usually bypassed. In this context, the traditional approach to industrial policy-making, which has as sole objective the strengthening of specific sectors, is inadequate to enhance the multilevel socioeconomic competitiveness in our days. Therefore, we suggest a comprehensive re-positioning of the concept of "organic competitiveness" in overall and synthetic socioeconomic terms (firms-sectors-socioeconomic systems) as useful for a redirected modern industrial policy.Keywords. Competitiveness, Industrial policy, Evolutionary link between competitiveness and industrial policy, Globalization.JEL. L52, B52, F63
Determinants and cost of production of dates in Pakistan: An analytical study
Full text linkAbctract. Present study is an attempt to analyse the production determinants and the cost of production of dates using causal approach of Ordinary Least Squares Methods using secondary data. The costs associated with the agriculture production are computed from labour costs, expenses incurring on the pesticides and fertilizers and the cost of seeds and amount of rent when the piece of land is acquired on contract basis. Provision of credit facility to the farmers and growers can play a major role in softening the constraints of the farmers and motivate them to enhance production of dates. Moreover, technical and technological advancement and adoption of the cost saving technology by farmers can also help farmers improve quality and per acre yield of their production. The findings of the study suggest that the employment in agriculture sector is the most important factor affecting production of dates followed by mechanization and technological advancement and third is the credit to the farmers. All coefficients have significance of less than 0.05 with substantially large generalizability power.Keywords. Production, Technology, Credit, Dates, Finance, Growers, Labour, Costs, Fertilizers, Pesticides, Seeds.JEL. D24, J08, Q16, H81
Fragility and macroeconomic outcomes in ECOWAS
Full text linkAbctract. This study examined the nature of the interactions between fragility and macroeconomic outcomes in ECOWAS. This is despite the backdrop of evidences showing that macroeconomic policies sufficiently drive macroeconomic outcomes. Meanwhile sub-Saharan African countries have taken the backbench on almost any standard measures of macroeconomic performance within the last two decades. Contemporaneously, the region dominates the top 50 percentiles of ranking on almost all dimension and indicators of fragility. Using a panel data for the 15 countries covering the period between 1995-2016 and employing the Panel Vector Autoregressive (PVAR) estimation techniques, the findings from this work show that the seven macroeconomic outcomes used in the study respond to fragility negatively and that fragility accounts for major sources of shocks in these economies. The study recommends that ECOWAS should employ a formidable approach to blocking this distortion called fragility.Keywords. Panel VAR, Shocks, Resource Curse, Sub-Saharan Africa, ECOWAS.JEL. F41, I31, O11
Can portfolio returns exceed market return? An examination of the efficient market hypothesis for the Indian stock market
Full text linkAbctract. The paper explores the possibility of forming portfolio of stocks that can generate returns higher than the market over a time period. Various principles are used for portfolio formation in the year 2013, and it is examined whether such portfolios have been able to generate excess returns over the next five years. Data has been used for Indian companies which are listed in the National Stock Exchange and Bombay Stock Exchange. Further, our sample consist of companies that have in operation over this period, have earned profits each year, and have consistently paid dividends in each of the years. The period under consideration has seen upswings and downswings, and it is our interest to explore whether our portfolios have been able to generate excess returns. Our results provide interesting insight into portfolio formation and also structuring of mutual funds.Keywords. Portfolio, Price/earnings ratio, PEG ratio, Dividend yield, Net profit margin, Excess returns.JEL. G11, G14, G23, G24
An analysis on the housing price channel: The case of BRICT
Full text linkAbstract. The asset prices channel, as one of the transmission channels of monetary policy, refers to the process of changing aggregate demand level by affecting the asset prices of a change in the central bank's monetary policy decisions. There are 3 basic components of the asset price channels: stock price channel, housing price channel and exchange rate channel. In this study, the operation of the housing price channel is investigated by applying Panel VAR analysis. For this purpose, the data between 2009Q1-2017Q4 period for BRICT countries are analyzed and tested. The findings show that the housing price channel is operating in these countries. The study consists of three parts. In the first part, the operation of the housing price channel is explained. In the second part, the literature research and in the third section, the empirical analysis are emphasized.Keywords. Monetary transmission mechanism, Asset price channel, Stock price channel, Housing price channel.JEL. O18, R21, R30, R31
A theoretical investigation on real sector reflection of the change in monetary policy decisions
Full text linkAbctract. The aim of this study was to make evaluations on monetary policy transmission channels. A change in monetary policy is reflected on the economy not only through a single channel but also through the functioning of more than one transmission channels together. In this study, the conceptual framework of monetary policy transmission channel was examined through various aspects of the interest channel, credit channel, exchange rate channel, asset price channel and expectation channel, that are among the transmission types, and the reflections of the these transmission channels on the real sector were evaluated.Keywords. Monetary policy, Monetary transmission channels, Interest rate channel, Credit channels, Asset price channel, Exchange channel, Expectations channel.JEL. E40, E50, E60